The Organisation of the Petroleum Exporting Countries is seeking more investment in oil despite global push for renewable energy sources.
OPEC said oil remains indispensable in the renewable energy transition, projecting in its recent 2023 World Oil Outlook that the global oil demand would hit 116 million barrels a day by the year 2045.
The Secretary-General of OPEC, Haitham Al Ghais, had earlier disagreed with calls to stop investments in new oil projects, saying such calls were “misguided and could lead to energy and economic chaos”.
In a series of posts on its X handle, OPEC maintained that “The transition to renewable energy will require a lot of steel, concrete and plastic. For example, wind turbine foundations are reinforced with concrete, and the towers and blades are made from steel and plastic.
Oil-powered trucks and ships are also used to transport these parts to installation sites. Oil remains indispensable in the production of materials essential for smooth energy transitions.”
